Kuwait Cards and Payments: Market Growth, Opportunity and Forecast 2025
Author : Sharon Williams | Published On : 13 Jan 2022
Market Reports on Kuwait Provides the Trending Market Research Report on “Kuwait Cards and Payments - Opportunities and Risks to 2025”under Services Market Research Reports category. The Kuwait Cards and Payments is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports.
'Kuwait Cards and Payments - Opportunities and Risks to 2025' report provides detailed analysis of market trends in Kuwait's cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, and cheques during the review-period (2017-21e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2021e-25f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together our research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
This report provides top-level market analysis, information and insights into Kuwait's cards and payments industry, including -
- Current and forecast values for each market in Kuwait's cards and payments industry, including debit, credit, and charge cards.
- Detailed insights into payment instruments including cards and cheques. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing Kuwait's cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
- The growing popularity of digital-only banks is driving competition in the banking space. UK-based Revolut (which started operations in Romania in 2018) acquired a license to launch its banking operations in the country in March 2021. Revolut has more than 1.3 million users in the country and offers Standard, Plus, Premium, and Metal accounts, all of which include debit cards. Previously, UK-based fintech Monese launched Romanian currency accounts in February 2020 in partnership with Libra Internet Bank, while Netherlands-based digital bank bunq launched in Romania in October 2019.
- The government and the Central Bank of Kuwait (CBK) are taking steps to boost digital payments in the country. To promote card payments, in February 2020 the Ministry of Finance enabled the payment of government fees via cards at approximately 40 government agencies across the country. Meanwhile, in January 2020, CBK announced plans to introduce a new payment system. This will be compatible with various electronic payment systems, including the automatic clearing system, the wage protection system, the national clearing system for payments through smart devices, and the real-time system for total settlements. The central bank plans to launch the new system in 2021.
- Alternative payments are gradually gaining traction in Kuwait. In September 2020, Samsung Pay was launched in the country. It allows users to make in-store, in-app, and online purchases. Major financial institutions in Kuwait that support Samsung Pay include Gulf Bank, Burgan Bank, Boubyan Bank, Warba Bank, National Bank of Kuwait (NBK), and Kuwait Finance House (KFH).
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to Kuwait's cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in Kuwait's cards and payments industry.
- Assess the competitive dynamics in Kuwait's cards and payments industry.
- Gain insights into marketing strategies used for various card types in Kuwait.
- Gain insights into key regulations governing Kuwait's cards and payments industry.
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